WOFE and RO Accounting in China

"Company Law" s. 164 states: The company shall, in accordance with laws, administrative regulations and the provisions of the State Council, financial departments, establish the Company's financial and accounting systems.

"Company Law" s. 165 states: The company shall in each fiscal year, prepare a financial report and which shall audited by accounting firms.

Format of the financial report shall be in accordance with laws, administrative regulations and the provisions of the State Council, financial departments.

"Company Law" s. 172 provides: Except for the statutory accounting, the company shall not set up another accounting book.

For the company's assets, it should not be put into any personal account.